Morningstar

Vanguard Limited-Term Tax-Exempt Fund VMLTX

Morningstar Medalist Rating
Medalist Rating as of | See Vanguard Investment Hub
  • NAV / 1-Day Return 10.71  /  0.00
  • Total Assets 35.8B
  • Adj. Expense Ratio
    0.170%
  • Expense Ratio 0.170%
  • Distribution Fee Level Low
  • Share Class Type No Load
  • Category Muni National Short
  • Credit Quality / Interest Rate Sensitivity Medium/Limited
  • Min. Initial Investment 3,000
  • Status Open
  • TTM Yield 3.20%
  • Effective Duration 2.60 years

USD | NAV as of Oct 02, 2026 | 1-Day Return as of Oct 02, 2026, 10:54 PM GMT+0

Morningstar’s Analysis VMLTX

Will VMLTX outperform in the future?

Get our overall rating based on a fundamental assessment of the pillars below.

  • Process Pillar

    The Process Pillar is our assessment of how sensible, clearly defined, and repeatable VMLTX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the VMLTX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

  • Parent Pillar

    The Parent Pillar is our rating of VMLTX’s parent organization’s priorities and whether they’re in line with investors’ interests.

A topnotch short-term muni offering.

Analyst Ken Noguchi

Ken Noguchi

Analyst

Summary

Vanguard Limited-Term Tax-Exempt combines experienced leadership with a disciplined approach that stands out and delivers consistently strong results versus muni-national short Morningstar Category peers.

by Ken Noguchi
Rated on Published on

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Portfolio Holdings VMLTX

More VMLTX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 3.2
Top 10 Holdings
% Portfolio Weight
Market Value USD
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0.36 128M
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BLACK BELT ENERGY GAS DIST ALA GAS PROJ REV

0.35 125M
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BLACK BELT ENERGY GAS DIST ALA GAS PROJ REV

0.34 123M
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NUVEEN AMT-FREE QUALITY MUN INCOME FD

0.31 111M
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MAIN STR NAT GAS INC GA GAS SUPPLY REV

0.31 110M
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CALIFORNIA CMNTY CHOICE FING AUTH CLEAN ENERGY PROJ REV

0.31 110M
municipal

BLACK BELT ENERGY GAS DIST ALA GAS PROJ REV

0.30 107M
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KENTUCKY INC KY PUB ENERGY AUTH GAS SUPLLY REV

0.29 106M
municipal

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